PPL SEC Filings

PPL Corporation reported that its subsidiary Rhode Island Energy has filed a request with the Rhode Island Public Utilities Commission for a two-year increase in electric and natural gas base distribution rates, expected to take effect on September 1, 2026. The plan is designed to collect additional operating revenue of $180.7 million in the first year and $49.4 million in the second year across electric and gas combined. The filing is based on a historical test year from September 1, 2024 through August 31, 2025 and includes a requested authorized return on equity of 10.75%. The company states it cannot predict the outcome of the proceeding and anticipates a PUC ruling in the third quarter of 2026.

PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation, issued $1.15 billion of 3.000% Exchangeable Senior Notes due 2030 in a private Rule 144A offering to qualified institutional buyers. The notes are senior unsecured obligations of the issuer and are fully and unconditionally guaranteed by PPL Corporation.

The notes bear 3.000% interest, payable semiannually, and mature on December 1, 2030, with exchange rights into PPL common stock at an initial rate of 23.4412 shares per $1,000 principal amount, equivalent to an exchange price of approximately $42.66 per share, a 20.0% premium to the $35.55 share price on November 19, 2025. The issuer received net proceeds of $1.14 billion, which it intends to use to repay short-term debt and for general corporate purposes.

The issuer may redeem the notes for cash on or after December 5, 2028 if PPL’s stock trades at least 130% of the then-current exchange price, and holders may require repurchase upon a fundamental change. Initially, a maximum of 32,348,695 PPL common shares may be issued upon exchange, based on an initial maximum exchange rate of 28.1293 shares per $1,000 principal amount.

PPL Corporation reported that its wholly owned subsidiary, PPL Capital Funding, Inc., has priced a private placement of $1.0 billion principal amount of 3.000% Exchangeable Senior Notes due 2030. These notes will be fully and unconditionally guaranteed by PPL Corporation, meaning the parent company stands behind the debt obligations of its financing subsidiary.

The announcement was made through a press release, which is included as an exhibit. By issuing these exchangeable senior notes, PPL is adding long-dated, fixed-rate debt to its capital structure, which can help fund general corporate needs or refinancing plans, depending on how the company chooses to use the proceeds.

PPL Corporation reported that it has launched a private placement of $1.0 billion principal amount of Exchangeable Senior Notes due 2030. The notes will be issued by its wholly owned subsidiary, PPL Capital Funding, Inc., and will be fully and unconditionally guaranteed by PPL Corporation, meaning the parent company stands behind all payment obligations on the notes.

The announcement was made through a press release, which is included as an exhibit. The filing also reminds readers that any statements about future events, costs, regulation, strategy or performance are forward-looking and subject to risks that could cause actual results to differ materially.

PPL Corp filed a Form 4 for President and CEO Vincent Sorgi. On 11/07/2025, he disposed of 30,200 shares of common stock at $0.00 (transaction code G). Following the transaction, he beneficially owns 445,993.08 shares directly and 176.935 shares indirectly, held in a trust under the Employee Stock Ownership Plan. The reported totals include reinvested dividends.

PPL Corporation updated its significant accounting policies to include a clear reconciliation of cash, cash equivalents and restricted cash between the Balance Sheets and Statements of Cash Flows.

As of September 30, 2025, PPL reported cash and cash equivalents $1,102 million and restricted cash (current) $42 million, for total cash, cash equivalents and restricted cash of $1,144 million. At December 31, 2024, the comparable figures were $306 million in cash and cash equivalents and $1 million in restricted cash, totaling $307 million. The company states that bank deposits and other cash equivalents restricted by agreement or designated for a specific purpose are classified as restricted cash, with the current portion included in Other current assets.

PPL Corporation filed an 8-K announcing it furnished a press release with financial results for the quarter ended September 30, 2025. The press release is included as Exhibit 99.1.

Senior management will host a teleconference and webcast on November 5, 2025 at 11:00 a.m. Eastern to discuss results and other business matters. The webcast and slides will be available on PPL’s website, with a replay accessible for 90 days. The information in Items 2.02 and 7.01 is furnished, not filed.

PPL Corporation reported that the Kentucky Public Service Commission approved certificates of public convenience and necessity to build two natural gas combined‑cycle units—E.W. Brown Unit 12 and Mill Creek Unit 6—each rated at 645 MW, and to install a selective catalytic reduction facility at Ghent Unit 2. The order also allows relevant Ghent Unit 2 SCR costs to flow through the existing environmental cost recovery mechanism and opens a separate monitoring case for Mill Creek Unit 6 construction.

The KPSC approved regulatory asset deferral treatment for certain AFUDC‑related amounts and noted expectations around tariffs and power supply contracts for potential high‑load customers in pending rate cases. It declined to approve proposed new rate adjustment mechanisms tied to Mill Creek Unit 6 and extended operation of Mill Creek Unit 2 beyond its original 2027 retirement, without prejudice to resubmission. The order did not grant a CPCN for the Cane Run BESS due to a conditional withdrawal, though LG&E and KU may seek approval in future proceedings. The order is subject to rehearing or appeal, and the Companies are evaluating next steps.

PPL Corporation reported that subsidiaries Louisville Gas and Electric (LG&E) and Kentucky Utilities (KU) filed a stipulation with the Kentucky Public Service Commission proposing an aggregate annual electricity and gas revenue increase of about $235 million. The proposal includes $58 million in LG&E electricity, $132 million in KU electricity, and $45 million in LG&E gas, with a revised authorized ROE of 9.90%.

The agreement includes a “stay out” commitment to refrain from effective base rate increases before August 1, 2028, and proposes two trackers: a Generation Cost Recovery Adjustment (GCR) for recovery and return on investment of covered new generation and storage projects as they enter service, and a Sharing Mechanism (SM) that adjusts for revenue deficiency or surplus outside a 9.40%–10.15% ROE band during July 2027–July 2028, settled over 13 months beginning November 2028.

A KPSC hearing is set for November 3, 2025. The proposal remains subject to KPSC approval, denial, or modification. LG&E and KU anticipate a ruling in Q4 2025, with a final order due by March 31, 2026.